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Docholliday
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Norfolk UK
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21-10-2016, 04:57 PM
1

Credit Union

Does anyone on here save with a Credit Union? I am thinking of using a Credit Union to save for any emergencies etc in the future. Any info most welcome thanks
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Silver Tabby
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God's own county!
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21-10-2016, 05:47 PM
2

Re: Credit Union

Never heard of a Cradit Union, Doc, please excuse me - I will have to go and 'google'!
Enya
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21-10-2016, 06:02 PM
3

Re: Credit Union

A credit union is similar to a bank, with current accounts, loans (but not a high percentage repayment as pay day loans) savings account. The loans are usually funded by the savings side and some pay out interest or a dividend on a savings account. Best to google the details on the company your joining
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21-10-2016, 06:10 PM
4

Re: Credit Union

Originally Posted by Docholliday ->
Does anyone on here save with a Credit Union? I am thinking of using a Credit Union to save for any emergencies etc in the future. Any info most welcome thanks
I'm thinking about it, too.

My local CU paid out at 2.5% in 2014 and 2.25% last year, but I understand that the rate will be lower again for the current year.

Still, that beats ordinary savings accounts and ISAs and it keeps the money out of the hands of bankers.....
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21-10-2016, 06:44 PM
5

Re: Credit Union

Hi

We had a Credit Union at work, I found it very good.
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Bruce
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22-10-2016, 04:32 AM
6

Re: Credit Union

Originally Posted by Docholliday ->
Does anyone on here save with a Credit Union? I am thinking of using a Credit Union to save for any emergencies etc in the future. Any info most welcome thanks
I do and have done for years. It used to be BHP Credit Union then it combined with BP Credit Union and became Big Sky Credit Union.

It was great because you own part of it by having 10 shares ($10) - it is a credit union of members. Interest rates they pay on your savings are higher than the banks offer and interest rates you pay on loans and mortgages are lower than the banks offer because they are a non profit organisation.

Unfortunately Big Sky has been recently taken over by Australian Unity and the service element seems to have declined somewhat. However if I change it will be to go to another Credit Union.

Highly recommend them.
 

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